Strictly control the "entry point" of hard technology! UTree and CAS Space IPOs selected for on-site inspection

On the evening of April 1, the official website of the China Securities Association (CISA) disclosed the 2026 second batch of lottery selections for on-site inspections of newly issued companies, with a total of two companies: Unitree Technology Co., Ltd. (hereinafter “Unitree Technology”) and Sinic Aerospace Technology Co., Ltd. (hereinafter “Sinic Aerospace”). One is a robotics enterprise and the other is a commercial aerospace enterprise—both are hard-tech industries currently being heavily favored by capital. Notably, Sinic Aerospace’s IPO was just accepted on March 31, and the situation where it was selected for inspection on the very next day is relatively rare in the market.

The website of the Shanghai Stock Exchange shows that Sinic Aerospace’s STAR Market IPO was accepted on March 31. The company mainly engages in research and development, manufacturing, and launch services for a series of medium-to-large commercial launch vehicles, and it is also developing new space-economy business formats such as space manufacturing, space science experiments, and space tourism.

For this IPO filing, Sinic Aerospace adopted the second set of listing standards for the STAR Market, namely: “expected market value of not less than 1.5 billion yuan, operating revenue in the most recent year of not less than 200 million yuan, and the proportion of cumulative R&D investment over the most recent three years to cumulative operating revenue over the most recent three years of not less than 15%.”

For this push to go public, Sinic Aerospace plans to raise about 4.18 billion yuan.

Before Sinic Aerospace, Blue Arrow Aerospace’s IPO had already been accepted, and the two companies will both compete for the title of “the first commercial space stock.”

Unitree Technology is also a company that was recently accepted for review. Its prospectus was accepted on March 20, and it also has the potential to target A-share “the first humanoid robot stock.” Notably, Unitree Technology is the second IPO after the STAR Market pilot adopted a pre-review mechanism.

Judging from the financial data disclosed by Unitree Technology, the company became profitable in 2024, and its net profit for the first three quarters of 2025 has already exceeded 100 million yuan. From 2022 to 2024 and the first three quarters of 2025, Unitree Technology’s operating revenue was approximately 123 million yuan, 159 million yuan, 392 million yuan, and 1.167 billion yuan, respectively; and the corresponding attributable net profits were approximately -22.1005 million yuan, -11.1451 million yuan, 94.5018 million yuan, and 105 million yuan, respectively.

On January 5 this year, the official website of the CISA published the “2026 first batch of on-site inspection random selection lists for newly issued companies.” Among them, 11 companies, including Blue Arrow Aerospace, Pinjun Laser, Guangdong Semi, and Luozhou Co., Ltd., were selected for on-site inspections. Worth noting is that among the 11 IPO companies mentioned above, half are from the STAR Market: Blue Arrow Aerospace, Pinjun Laser, Gaokai Technology, Hanno Medical, Taosheng Technology, and Ruishi Chuangxin. In addition, four companies are targeting ChiNext IPOs, including Luozhou Co., Ltd., Guangdong Semi, Ji’an Intelligent, and Hunter Intelligent; only one company, China Salt Co., Ltd., is targeting a Shanghai main board IPO.

This means that, based on the two batches of on-site inspections conducted so far within this year, there are 8 companies seeking to list on the STAR Market.

An industry insider told Beijing Business Today that although regulators encourage hard-tech enterprises to go public, it does not mean that requirements have been loosened. From the inspection lists, it can be seen that for hard-tech companies going public, regulators are also strictly managing the “entry” stage.

In terms of the number of IPO companies subject to on-site inspections in 2025, that year the CISA released three batches of on-site inspection random selection lists for newly issued companies, involving a total of 16 IPO companies. The withdrawal rate declined noticeably compared with previous years. Recently, the withdrawal of the inspection companies was due to Shanghai Xinmi Technology Co., Ltd.; its STAR Market IPO was terminated on March 31, which was the on-site inspected company for 2025.

Beijing Business Today reporter Ma Huanhuan Li Jiaxue